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GBP/USD trading on the wrong side of 1.6000 - UOB Group

FXStreet (Łódź) - The Market Strategy Team at UOB Group observe that GBP/USD has been trading below the 1.6000 level ahead of the BoE monetary policy meeting later today.

Key Quotes

"The pair is now trading on the wrong side of 1.6000 and potential EUR vulnerability may also continue to bleed over onto the pound, especially if hawkish BOE expectations continue to be watered down going ahead."

"In our view, the 1.5900 floor remains fair game in the current environment."

United Kingdom Manufacturing Production (YoY) registered at 2.9% above expectations (2.8%) in September

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GBP/USD is trapped below 1.6000 pivot ahead of the BOE’s monetary policy decision. The pair jerked towards 1.5988 on UK’s industrial production report, but the reaction has been muted so far.
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